Real Estate

Landsea Acquires 500-Home Dublin Project for Nearly $125M, Sales Start 2025

Landsea Homes acquires 500 homesites in Dublin for nearly $125M, marking its largest Bay Area project.

By Doug Elli

5/23, 19:03 EDT
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Key Takeaway

  • Landsea Homes acquired 500 homesites in Dublin for nearly $125 million, marking its largest Bay Area project.
  • The development, Dublin Centre, will feature 500 units with sales starting in late 2025 and includes a community swim center and water park.
  • Financing secured through Kennedy Lewis; Landsea has until March 2029 to develop the site.

Landsea Homes' Major Acquisition in Dublin

Landsea Homes, a Dallas-based developer, has made a significant move in the Bay Area by closing on 500 approved homesites in Dublin, California. This acquisition, valued at just under $125 million, marks the company's largest master-planned project in the region to date. According to Tom Baine, California Division President, this purchase represents a strategic effort to capitalize on the high demand for housing in the Tri-Valley region. Dublin, known for its vibrant downtown, excellent schools, and appealing outdoor lifestyle, is a prime location for such a development.

Details of the Dublin Centre Project

The Dublin Centre project, located at Tassajara Road and Dublin Boulevard, was approved by the city in late 2022. Landsea Homes plans to develop 500 units, including single-family detached homes and attached townhomes, with sales expected to start in late 2025. The project will also feature Landsea’s trademarked LiveGen suites, designed for multigenerational living with first-floor bedrooms and optional kitchenettes. Additionally, the development will include a large community swim center, water park, and other shared outdoor amenities, blending modern and traditional architectural styles designed by Dahlin Architecture Group.

Financing and Strategic Partnerships

Financing for the Dublin Centre project has been secured, although specific details remain undisclosed. The property is technically owned by a servicing company affiliated with New York-based land banking firm Kennedy Lewis, with Landsea granted the option to develop until March 2029. This partnership is part of a broader strategy, as evidenced by Landsea and Kennedy Lewis's recent collaboration on a 14.5-acre deal in Mesa, Arizona, and a 9.5-acre site in San Ramon, California, for 160 homes.

Broader Market Implications

The acquisition and development of Dublin Centre highlight the ongoing demand for housing in the Bay Area, particularly in desirable locations like Dublin. This project not only addresses the need for market-rate housing but also includes a commitment to affordable housing, with Landsea donating a parcel to an affordable housing developer. The involvement of major players like Kennedy Lewis and the strategic partnerships formed underscore the confidence in the region's real estate market and the potential for growth and innovation.

Management Quotes

  • Tom Baine, California Division President of Landsea Homes:

    "We saw a great opportunity to get back on track and grow in this market with the acquisition of these lots. There is very high demand for housing in the Tri-Valley region and Dublin is a prime city in the East Bay with a nice downtown, great schools and appealing outdoor lifestyle."

  • Kevin Fryer, SCS spokesperson:

    "Landsea will develop the market-rate units and donate the parcel designated for affordable housing to an affordable housing developer, which will meet the balance of the affordable housing obligations from the project’s entitlements."